The crypto market is relatively stable, with a slight decline and a neutral fear and greed index.
XRP is the best performer with an impressive 17.6% increase, followed by Stellar
Bitcoin is attempting to recover but must first break above $58,390 for confirmation.
Ethereum is forming a bullish pattern within a descending channel and should be able to rally upwards to $3,835 soon.
XRP and Stellar are showing the same energy, with both gearing up for incoming breakouts.
The crypto market has remained relatively unchanged over the last day, with the total market cap down 0.27%.
This figure seems to be maintaining its standing around $2 trillion, with a neutral fear and greed index score of 42%.
The crypto fear and greed index
The crypto market has also turned almost entirely red, with Bitcoin down by a small 0.2% and Ethereum slightly worse off, with a 3.42% decline.
For some reason, XRP is up by a staggering 17.6% and is by far the best-performing asset among the top 100.
The crypto markets’ heatmap
Render, Celestia, Lido, Brett, Hedera, and Bonk have performed the worst so far, with an average 6% decline in the last 24 hours.
In terms of liquidations, the total crypto figure is slightly harsher today at $214 million, compared to a relatively smaller $180 million from yesterday.
The crypto liquidation heatmap
However, while the bears had an almost equal footing in liquidations yesterday compared to the bulls, the tide has turned against the bulls today.
The figures above show that the bulls lost around twice as much as the bears, with $140 million taken from them—compared to the bearish $73 million.
The bears have the edge today, and investors should approach the market cautiously.
As the chart below shows, Bitcoin is rebounding from its slump to $49,000.
Stalling at $58,390
However, the cryptocurrency is having trouble breaking above the $58,390 price level and has been stalling since Wednesday.
Investors might need to keep a close eye on this price level going forward because a break above $58,390 would be one of the first major signs of a Bitcoin comeback.
The RSI on the daily chart is gravitating towards the neutral zone, though, and if the bulls can push their price slightly further upwards, we might just see a bullish crossover.
Ethereum, like Bitcoin, appears to be trading in a descending channel and is in the middle of a rebound move from the bottom side.
Ethereum’s descending channel
This puts a good amount of bullish sentiment on Ethereum, as well as a possibly parabolic rally to the upside.
As it stands, Ethereum may be gearing up for an impulse move towards $2,835, assuming the bulls can overcome the $2,435 resistance.
As shown in the charts, XRP’s rejection from $0.6586 on 31 July was especially harsh, given the consecutive market crashes that followed.
XRP’s price action
This rejection brought the cryptocurrency down by around 35% to a retest of the $0.43 support.
As illustrated, the cryptocurrency is now in the middle of a rebound move and is now aiming for a break above its initial $0.6586 local high.
This break above would both be a new higher high and the ultimate signal of a bullish comeback.
However, we first have to see XRP struggle to overcome $0.6 for this to happen, which is what is currently happening.
Stellar is one of the most similar cryptocurrencies to XRP in terms of use case and infrastructure.
Today, however, this similarity has gravitated towards the price action of both.
While XRP is up by around 17%, Stellar is up by a relatively modest but still impressive 8.57%.
Stellar’s price action
There are also signs that the bullishness is just starting, as shown by the chart above.
The cryptocurrency is in the middle of a descending channel and is now aiming for a breakout above its upper trendline.
Whichever way this goes, investors can still capitalize on the opportunity.
If we see a sustained break and close above $0.1125, the cryptocurrency will likely continue upwards to $0.1369 - $0.1466.
However, a retest of the $0.09 price level seems feasible if we see a rejection.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.